Financial publishing group Euromoney International Investor has announced a 13 per cent hike in revenue to £167.6m.
The company, which is majority-owned by the Daily Mail & General Trust, also saw pre-tax profit rise 4 per cent to £41.6m, while operating cash flow was up £12.1m to £51.9m.
Commenting on the results, which cover the six months up to 31 March, 2011, chairman Padraic Fallon said: ‘Revenues and operating profits performed as expected, with continuing high investment in online subscription products.”
He added: ‘Revenue growth is slowing in line with expectations and may be affected further by a weaker dollar and uncertainty in the Eurozone and Middle East, but the board is confident that the group remains well placed for the future.”
A statement on the company’s interim results said the revenue rise was down to ‘the success of the group’s strategy of investing in subscription-based electronic information services, as well as the continued recovery of financial markets following the global credit crisis”.
Revenue from its financial publishing arm was up 10 per cent to £39.2m, with the growth coming ‘largely from the continued recovery of financial advertising”.
There has been an increase in online advertising, particularly on high-circulation titles such as Institutional Investor.
Revenue from its business publishing division was up 9 per cent to £25.9m, while profit was unchanged at £9.1m. The company said this was the result of increased investment in digital publishing in titles such as Metal Bulletin title, as well as its legal publishing division.
The statement concluded: ‘The outlook for financial markets remains uncertain as forecasts for economic growth are cut, inflation concerns rise, the credit problems in the Eurozone remain unresolved and unrest in the Middle East persists.”